Bhutto's burden

Article Abstract:

Pakistan faces an external debt problem and a fiscal crisis. The government has been undermined by corruption allegations and there are calls for Benazir Bhutto to resign. The Jun 1996 budget increased taxes and sparked strikes. Share prices have fallen as has the value of the Pakistan rupee. Exports have fallen and debt payments are due. There has been a shift out of rupees and into dollars. Pakistan is seeking renewal of an International Monetary Fund (IMF) stand-by loan and this could be decisive in the country's future by providing some breathing space.

Economic policy, Bhutto, Benazir

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Loosen up: Pakistan takes reprieve from IMF loan conditions

Article Abstract:

Pakistan and the International Monetary Fund (IMF) remain far apart on the country's economic plans, with the IMF insisting on a more austere budget than Islamabad says it can provide. Aides to the Prime Minister say cuts in spending and higher taxes could have threatened the government's stability. If the IMF holds firm, as its backers have generally advised for the past year, it could deny Pakistan $300 million in loans in fiscal 1995-96. Pakistan blames its woes on IMF requirements, but IMF officials say Islamabad is at fault.

External debts

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The price of power

Article Abstract:

The government of Pakistan has agreed to the outline of a deal with the International Monetary Fund (IMF) which will make available $600 million in stand-by credits. However, it has been necessary to make a number of significant concessions in order to secure the deal. The IMF is demanding that Pakistan cut its budget deficit to 4% of yearly GDP, from the current 5.8%, and this will require another $1.08 billion of spending cuts or new revenues.

Economic assistance, Foreign economic assistance

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